At 12:20 p.m. ET, gold futures are down 3.1%, or $36.25 an ounce, to $1,127, the lowest level since January.

After a roaring start to the year, the precious metal has tumbled nearly 17% from its peak in July.

Because gold does not bear any interest, its appeal sours when interest rates rise or are expected to go higher. This is not always the case, however.

Additionally, the dollar surged after the Fed’s interest rate decision.

Silver futures are down 7.2%, or $1,24 an ounce, to $15.977.

“Although almost every market participant expected a rate hike, gold has taken a significant hit since yesterday’s move by the Fed,” said RBC Capital Markets commodity strategists in a note on Thursday.

“In the context of the most recent fall in gold prices, we think a buying opportunity should present itself before or during the first few months of 2017, once we get through the worst of the recent price action.”

“In essence, we think that the market should begin to price in the number of unknowns that still exist around policy changes and alterations in global risk appetite,” they added. Gold’s appeal is boosted in times of geopolitical uncertainty.

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